Gold Up, USD Falls, Stocks Down + Commodities

$GLD,$SLV,$USD,$USO,$OIL,$SOY,$CORN,$WEAT

• Gold Prices Up
• USD Falls
• Crude Oil Up
• Asian Stocks Down

Gold: Gold prices gained Tuesday, after hitting a more than 1-month high earlier in the session, as USD slipped after the US and China agreed to a temporary truce in their trade conflict spurring global stock markets North

• US gold futures (GCcv1) were up 0.3% at $1,242.9 oz.
• Spot gold jumped on a weaker USD, trading up 0.5% at $1,237.24 oz

Energy: Crude Oil prices rose Tuesday, extending bigger gains from the previous day amid expected OPEC-led supply cuts and a mandated reduction in Canadian output due to a pipeline bottleneck.

• NYMEX WTI Crude Oil futures (CLc1) were at $53.33 bbl at 0604 GMT, up 48c, or 0.7%, from their close Monday in NY.
• ICE Brent Crude Oil futures (LCOc1) were up 51c, or 0.8%, at $62.20 bbl.

The Middle East-dominated Organization of the Petroleum Exporting Countries (OPEC) will meet on 6 December at its HQ’s in Vienna, Austria, to agree a joint output policy. OPEC will also discuss policy with non-OPEC production giant Russia.

USD: The US Dollar (.DXY) Index tracks the Buck against a basket of 6 peers, it was off 0.3% to 96.718. As the USD weakened, China’s RMB Yuan continued to surge, and was trading at 6.8419 to USD around 0700 GMT. Since Friday, it has added more than 1,000 pips against the Buck.

Stocks: Asian shares fell Tuesday as relief over a pause in escalation of the trade dispute and some profit taking.

The sell-off appeared likely to extend into European trading, with spread-betters expecting London’s FTSE 100 to fall 0.2% at the open, and both Frankfurt’s DAX and Paris’ CAC 40 to fall 0.4%.

• MSCI’s broadest index of Asia-Pacific shares outside Japan was 0.3% lower.
• Australia shares gave up 1% for the day and Seoul’s Kospi ended 0.8% lower.
• Japan’s Nikkei stock index tumbled, closing 2.4% lower on profit taking and as foreign investors and hedge funds reduced their positions on risky assets.
• Chinese blue-chip shares in Shenzhen and Shanghai added 0.2% after struggling to break into positive territory for much of the day

The temporary freeze on further hostilities in the trade dispute btweeen the US and China had a global triggered a broad rally in equity markets Monday, pushing MSCI’s all-country world index up 1.3 percent.

Commodities

Energy

Metals

Stay tuned…

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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